CIBIL Problem? Poor Score? Bad Credit Report? How to improve CIBIL Report?

CIBIL Problem? Poor Score? Bad Credit Report? How to improve CIBIL Report?

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What type of errors can occur in the Credit Information Report?

Your Credit Information Report or CIBIL Report is a crucial factor in the loan application process. Due to mistakes or misreporting in your CIR can result in rejection of your loan application. It is therefore very important for every prospective borrower individual to understand the intricacies of common mistakes which can creep in their CIBIL Reports and how to get rid of such mistakes.

When you have purchased your CIBIL Report or CIR from any Credit Rating Agency like Equifax, Experian or High Rank, it may come to your notice that Current Balances or Amount Overdue may not be updated for your latest payments. This will usually be the case if you have purchased your CIBIL or Credit Report before the month end date in with you made the payments as the payments made during a month get updated at the end of the month and in some cases the payments get updated at the end of quarter as some member banks report the loan accounts to Credit Rating Agencies on quarterly basis. Lending Bankers and Finance Companies often report information to the credit bureau either on a monthly basis or on a quarterly basis. Latest payment made by you may not get reflected on your CIBIL Report until the data is submitted by that lending banker. However, it the “Date Reported” Which is the date the data was reported to the CIBIL associated with that account is older than 2 months, the borrower can write to the CIBIL to help update this information.

An inaccurate Current Balance will imply that you are highly indebted and your chances of getting fresh loans may be reduced. Similarly, Amount Overdue indicates that you are unable to service your existing loan obligations. Both are viewed negatively by lenders and may affect the chances of your loan approval.



Incorrect Personal Details

Credit information is submitted to the CIBIL by various lenders. Each lender submits your credit loan account along with your personal information such as name, address, date of birth, PAN Card Number, Aadhar Number and so on. The bureau than uses the personal information, to sum up, these details into a single Credit Report which provides your complete credit profile. Please ensure that you have provided accurate and updated details to your lender at the time of your loan application. In addition, every time your personal details undergo change, you should inform your banker so that it is possible for him to make the necessary changes to their databases.

Ownership

If you find that either some of the personal details or one or more loan accounts on your CIBIL Report do not belong to you, you should write to the credit bureau. The credit rating agencies will enquire into the matter and help you get your information updated if required.

Frankly speaking, the best solution is to check your CIBIL Credit Report BEFORE you apply for a loan so that you know your banker is evaluating your loan application based on proper and accurate CIBIL Report.

Ashok Goyal

Hi members, I am Ashok Goyal from Rajpura - Punjab, a town near Chandigarh. I am a retired Chief Manager from a Top Nationalized Bank in India with 35 years of experience. I am the CEO-cum-Founder of this site made for Young and Old, Technical and Non Technical members to spread their knowledge across the Globe. I am a Science Graduate with an M.A. in Economics and C.A.I.I.B. (Certified Associate Life Member of Indian Institute of Banking and Finance since 1980 and a Social Worker authoring many Blogs for the benefit of the Public in General. I Graduated from Patel Memorial National College, Rajpura - 140401 and secured a Master's Degree in Economics from Punjabi University, Patiala - 147001 Punjab, India. Expert in Legal and Money Matters, may it be Banking, Investments, and Insurance or Fraud investigations. My Hobby is to share Knowledge and alarm the younger generations about the practical implications of transacting online. I am available at many Social Networking Sites. I am health conscious and like reading deeply about anything related to health and nutrition. In the case of any violation of objectionable content, the images on my authored links or on this site, you can either report me directly or you can file a DMCA complaint about the removal of the content. I do not like spammers and never hesitate to report the abuse of my profile information. I am the owner of the WQAINDIA Brand hosting self-hosted Question Answers Site at Web Question Answers. In Jan 2016, I founded Samadhan Kender at Rajpura - which is now talk of the down. In January 2017, keeping in view the Identity Crisis in India I found that the Public was facing difficulties in their CIBIL Reports - I started my best ever venture at CIBIL Consultants to solve the CIBIL Problems of the Public online. CIBIL Consultants is having its client base in all 17 states in India. © Copyright - Ashok Goyal – ALL RIGHTS RESERVED: This is my original work and I do not like any content to be copied or posted anywhere on the web or elsewhere. All the articles available on my social profiles are exclusively owned by me. If you like my articles then you can visit my articles and provide the URL as a link, without any copyright infringement, on the website or blogs which are not having any adult content related to sex, violence, hate-redness, or religious fundamentalism as per Google or Facebook TOC. DISCLAIMER: The information on this site or elsewhere - under my Profile Name is for general information purposes only. The information provided by me is simply educative to the best of my knowledge and belief. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability about the information, products, and services being displayed on this website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising out of or in connection with the use of this website or my profile anywhere on the web. We welcome feedback, comments or healthy criticism on any article or content on this site or my own work anywhere on the web. I owe my success on the web to IndiaStudyChannel to Tony John, Webmaster at ISC. I am also a featured author at HubPages, Global Site for writers and Authors. This site is dedicated to my countrymen to sharpen their online skills to compete for the world. The public can also get their CIBIL Reports rectified professionally at very low prices – when big corporations are charging as much as Rs.25000 per person per Credit Report.

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